An investor took out a loan of 150,000 at 8% compounded quarterly, to be repaid over 10 years with quarterly payments of 5483.36 at the end of each quarter. after 12 payments, the interest rate dropped to 6% compounded quarterly. the new quarterly payment dropped to 5134.62. after 20 payments in total, the interest rate on the loan increased to 7% compounded quarterly. the investor decided to make an additional payment of x at the time of his 20th payment. after the additional payment was made, the new quarterly payment was calculated to be 4265.73, payable for five more years. determine x.

7. problems and applications q7 congress and the president decide that the united states should reduce air pollution by reducing its use of gasoline. they impose a $0.50 tax on each gallon of gasoline sold. suppose they decided to impose the tax on consumers. in the following graph, shows the effect of a $0.50 tax on each gallon of gasoline sold imposed on consumers by shifting the demand or supply curve. demand supply 0 1 2 3 4 5 6 3.0 2.5 2.0 1.5 1.0 0.5 0 price of gasoline (dollars per gallon) quantity of gasoline (thousands of gallons) demand s 1 s 2 true or false: the price producers receive will be higher if the tax were imposed on consumers. true false if the demand for gasoline were more elastic, this tax would be effective in reducing the quantity of gasoline consumed. true or false: consumers of gasoline are by this tax. true false workers in the oil industry are by this tax.